The oil fund’s property department paid out NOK 3.4 billion for an award-winning office property in London to Amazon’s online trading company.
Norges Bank Real Estate Management paid 321.3 million pounds for the office properties, which consist of 20,400 square meters of office space and 1,600 square meters of retail trade divided into five units. The Oil Fund buys the property through ‘VGV Immobillienfonds’.
The office space is centrally located in London and houses one of the two London-based offices of the American online trading company, Amazon, which has a lease on the building until 2028.
The property, nicknamed Sixty London, has won a number of awards,including the “Building Excellence Award for Best Large Commercial Building” in 2014 according to E24 news.
The oil fund’s property department invested NOK 15 billion in unlisted real estate in 2017, with a return of 7.5% during the year. The fund’s investment in unlisted real estate last year had a market value of NOK 219 billion and amounted to 2.6% of the fund by the end of 2017.
© NTB scanpix / #Norway Today